OPEC’s market outlook unchanged as Nigeria boosts output | The Guardian Nigeria News - Nigeria and World News Nigeria OPEC Oil
The cartel also flagged up uncertainties around global economic growth and the outlook for Russian oil production. The forecast for global oil demand growth has been left unchanged at 2.22mn b/d for this year. While the group’s latest Monthly Oil Market Report notes a “better performance in China’s economy on the back of its reopening from Covid-19 restrictions”, it nudged down its Chinese oil demand growth forecast by 20,000 b/d from the previous report to 510,000 b/d.
Nigeria’s crude oil production rose by 91,000 bpd in December to 1.267 million bpd, with production also rising in Angola , Iran , Libya , Saudi Arabia , and Venezuela . While Saudi Arabia’s production based on secondary sources increased in December 2022 at 10.478 million bpd, direct reported figures by Saudi Arabia show a production loss of 32,000 bpd, to 10.435 million bpd.
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